Crowdfunding platform Dubai Next attracts 398 contributors and approves 62 campaigns in less than a year

Digital crowdfunding platform Dubai Next has 398 contributors and 62 campaigns approved and running, while the total number of campaigns registered till date is 1,570.

“#Dubai Next”, the digital crowdfunding platform, attracts 398 contributors and approves 62 campaigns in less than a yearhttps://t.co/97CneEAh5E pic.twitter.com/ZOOQT8PNNS

— Dubai Media Office (@DXBMediaOffice) April 12, 2022

Between the first three months and now, the campaigns have increased by 50 per cent, while contributors have risen by 60 per cent. Furthermore, the platform is anticipating an increase in fund-seekers and contributors following the country approving a federal system, Dubai Media Office reported.

Sheikh Mohammed bin Rashid al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the new federal framework that will allow operators from the government and private sectors to back crowdfunded projects.

Read: UAE Cabinet approves strategy to regulate operators of crowdfunding platforms

“Crowdfunding has had a significant impact in ushering in a new generation of entrepreneurs in the UAE. It provides an alternate financing option, and an ideal opportunity to turn startup ideas into viable projects. Students aged 12 and above can create campaigns on Dubai Next and the campaigns seen so far are diverse and innovative” said Abdul Baset Al Janahi, CEO of Dubai SME.

Dubai Next was launched in May 2021 by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, The platform, managed by Dubai SME, is attracting innovators and has already enabled eight startups raise the required funds.

Read: Sheikh Hamdan unveils new crowdfunding platform in Dubai for youth entrepreneurs

Crowdfunding involves small amounts sourced towards financing of a single commercial venture. Anyone with an innovative idea or project can create a campaign on Dubai Next and seek funds from contributors. The not-for-profit platform is open to people of all nationalities.

“The Dubai Next experience confirms that crowdfunding can motivate our growing youth population to pursue entrepreneurship, thus ushering in a new generation of entrepreneurs and eventually positioning Dubai as the global hub of innovative enterprise,” Al Janahi said.

“With the federal legislation in place and the Securities and Commodities Authority being responsible for regulating the activities of crowdfunding, the crowdfunding platforms will see increased transparency, competitiveness and demand from the growing community of local, regional and global innovators in the UAE,” added Al Janahi.